Summary
Q I have been asked to work abroad by my employer, and so I intend to let out my flat in central London to a friend (on a commercial basis) to help pay my mortgage. Are there any things I need to be aware of?
A You need to enter into a formal Assured Shorthold Tenancy agreement (AST) with your friend but you must check several things beforehand. You are likely to have a residential mortgage and so you must inform your lender of your intention and ask for consent to let out the property. Your lender will want you to enter into the AST agreement with your friend to ensure that possession of the flat can be obtained when required, and they will probably want to see a copy of it as well.See the full content of this document
Extract
Don't Let Friendship Get in the Way
Do look at the terms of your lease. Some make no mention of letting and do not impose any requirements or obligations, but under the terms of many leases the ...
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